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Brazilian regulator OKs technology partnership between 13 banks

Brazil's antitrust watchdog Cade has authorized a partnership between 13 international banks to develop technology based on financial intermediation for commodities, Valor Econômico reported.

The banks include ABN AMRO Group NV, ING Groep NV, Société Générale SA, BNP Paribas SA, CA Indosuez (Switzerland) SA, Citigroup Inc., Macquarie Group Ltd., Mitsubishi UFJ Financial Group Inc., Rabobank and Natixis, according to the publication.

Cade reportedly green-lighted the project after identifying it as a green field investment and noting that the platform will be open to all eligible participants.